Real estate markets, including Seattle's, are seeing a dramatic slowdown, according to an analysis by Redfin.
Seattle was one of 14 metro areas in the country this spring where half or more of the homes listed for sale between March 5 and April 29 went under contract within two weeks.
But things are changing, at least for now.
By mid-September, spring's fastest-selling markets, including Seattle, saw big declines. About 35 percent of homes for sale in Seattle were off the market in two weeks or less over the summer - a drastic change from spring, when 72 percent were off the market within two weeks.
According to Redfin Chief Economist Daryl Fairweather, sellers are waiting longer for offers and many are having to drop their list price to attract buyers.
There are a few exceptions. Omaha, Nebraska; Grand Rapids, Michigan; and Boise, Idaho are still seeing more listing go pending faster than a year ago, though the markets have slowed since spring. The common factor, Redfin points out, is they're smaller cities away from the coast where homes are more affordable.
"This points to a lack of affordability as potentially the biggest factor in why the previously red-hot markets have slowed so much this year," the report states.
King County and much of the Puget Sound region saw housing inventory break past two months for the first time since January 2015, according to a recent report.
Housing inventory – or how long it would take to sell all homes on the market – sat at 2.83 months in King County, which is a 78 percent increase over last year. Snohomish (2.18 months), Pierce (2.01 months), and Kitsap (1.93 months) counties all saw increases in inventory as well.
Inventory in King County has steadily risen about 40 percent since may.
